Mellon Financial Corporation has acquired US Trust’s Planned Giving Services group from US Trust Corporation, a wholly owned subsidiary of The Charles Schwab Corporation.
US Trust’s Planned Giving Services group adds more than $700 million in planned giving client assets to Mellon, making Mellon the nation’s largest planned giving services provider. Mellon offers investment, gift administration, donor development support, accounting, tax reporting, and other specialized services to such programs nationwide.
“We’ve created an exceptional presence for Mellon in the planned giving market and now serve as the nation’s leading provider. We look forward to maintaining this leadership position through providing superior service to our clients in the years ahead,” said Robert P. Kelly, Mellon chairman, president and chief executive officer.
“We believe that our planned giving clients will be well served by Mellon, which offers a broad array of capabilities and shares our deep commitment to excellence and client service,” said Peter K. Scaturro, chief executive officer of U.S. Trust Corporation.
Linda R. FitzPatrick, managing director for Mellon’s Charitable Gift Services group, will manage the expanded group, and will continue to report to Don Heberle, executive director for Family Offices and Charitable Gift Services.
Mellon will assume US Trust’s existing planned giving office locations in Greensboro, North Carolina and Portland, Oregon, bringing Mellon’s Private Wealth Management network in the US to 62 offices in 16 states.